Tech stocks lead losses: Aus shares close 1.4% higher

15May

Tech stocks lead losses: Aus shares close 1.4% higher

 

The Australian share market rose at the open and continued to rally throughout the day, closing 0.4 per cent up at the end of trade. Sliver Lake Resources (ASX:SLR), led the top 200 gains for the session, up almost 9 per cent and Xero (ASX:XRO), led the losses for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 76 points higher to finish at 5,405.

Futures market

Dow futures are suggesting a fall of 11 points.
S&P 500 futures are eyeing a steady start.
The Nasdaq futures are eyeing a lift of 18 points.
And the ASX200 futures are eyeing a 96 point rise on Monday morning.

Broker moves

Macquarie has rated GrainCorp (ASX:GNC) as an Outperform. The broker says first half net profit was ahead of Macquarie's estimates although there is no interim dividend, as expected. All divisions are performing ahead of forecasts and Macquarie suggests the trading issues are now behind the company. Oilseed crush margins are expected to remain favourable in the second half, and better soil moisture levels across large parts of eastern Australia support widespread planting of the FY21 crop. Macquarie also pointed out that around 88% of Australia's barley exports to China come from Western Australia, the current focus surrounding the tension between the two nations.
Target rises to $4.79 from $4.35. Shares in GrainCorp (ASX:GNC) closed 7.1 per cent higher at $3.93.

Looking at some more headlines from the day:

Telix Pharmaceuticals (ASX:TLX) enter US a distribution agreement with Pharmalogic.

Kogan (ASX:KGN) has acquired Australian furniture and homewares retailers Matt Blatt for $4.4 million.

Coca-Cola Amatil (ASX:CCL) has appointed Greg Barnes as their Chief Financial Officer.

Best and worst performers of the day

The best performing sector was Materials adding 3.3 per cent while the worst performing sector was Information Technology shedding 1 per cent.

The best performing stock in the S&P/ASX 200 was Sliver Lake Resources (ASX:SLR), rising 8.9 per cent to close at $2.15. Shares in Gold Road Resources (ASX:GOR) and GrainCorp (ASX:GNC) followed.

The worst performing stock in the S&P/ASX 200 was Xero (ASX:XRO), dropping 5.6 per cent to close at $75.32 cents. Shares in United Malt Group (ASX:UMG) and ARB Corporation (ASX:ARB) followed lower.

Asian markets

All higher: Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng also added 0.1 per cent and the Shanghai Composite is 0.2 per cent up.

Commodities and the dollar

Gold is trading at US$1,734 an ounce.
Iron ore price added 0.6 per cent to US$92.17.
Iron ore futures are pointing to a rise of 2.7 per cent.
Light crude is US$0.54 up at US$31.65 a barrel.
One Australian dollar is buying 64.55 US cents.

 
Copyright 2020 – Finance News Network


Source: Finance News Network

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